Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retall customers: July 1. Sold merchandise on account to Landscapes Co., $16,200, terms FOB shipping point, Neom. The cost of merchandise sold was $9,700. 2. Sold merchandise for $27,100 plus 6% sales tax to retail cash customers. The cost of merchandise sold was 517,600 5. Sold merchandise on account to Peacock Company, 534,100, terms FOB destination, 2/10, 1/30. The cost of merchandise sold was $22,200. 8. Sold merchandise for $11,300 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $6,800. 13. Sold merchandise to customers who used MasterCard cards, $5,500. The cost of merchandise sold was $3,500 14. Sold merchandise on account to Loeb Co., $12,700, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,500. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $1,900 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100. 18. Sold merchandise on account to Jennings Company, 56,900, terms FOB shipping point, 2/10, 1/30. Pald $190 for freight and added it to the invoice. The cost of merchandise sold was $4,100. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $2,020 for merchandise delivered during July to customers under shipping terms of Previous Next > merchandise returned was $1,100. July 17. Cost of the 18Sold merchandise on account to Jennings Company, $6,900, terms FOB shipping point, 2/10, 1/30. Paid $190 for freight and added it to the invoice. The cost of merchandise sold was $4,100. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Pald Black Lab Delivery Service $2,020 for merchandise delivered during July to customers under shipping terms of FOB destination 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $990 for service fees for handling MasterCard and VISA sales during July 10. Paid $2,650 to state sales tax division for taxes owed on sales. Required: Journalize the entries to record the transattions of Green Lawn Supplies Co. For a compound transaction, if no entry is I. required, leave the entry box blank. Date Account Debit Credit July 1-sale Debit Credit Account Date Previous Next Check My Work